Spectrum Brands Goes from Loss to Profit in Fiscal 2012
MADISON, Wis.-In a year in which the company managed to set a record for sales, Spectrum Brands transformed a $75.2 million net loss into net income of $48.6 million, according to a preliminary report on the fiscal year.
Net sales rose 2.1 percent to $3.3 billion in the year, which ended on Sept. 30. The company's Global Batteries and Appliances division, wherein are the Remington personal-care brand and the Russell Hobbs line of small electrics, posted net income of $221.6 million, down 7.2 percent.
Dave Lumley, Spectrum's CEO, said the company as a whole managed to turn around the bottom line "in the face of extraordinary, negative foreign-currency impacts, challenging European economies and ongoing commodity and Asian supply-chain cost increases....These preliminary results reflect the strength of our brands and the value they provide to retailers and consumers, as well as our focus on operational efficiency and execution."